GROUP FINANCIAL HIGHLIGHTS

Transcription

1 GROUP FINANCIAL HIGHLIGHTS For the year (S$ ) % Change Group Profit & Loss Account Revenue 2,119,279 1,362, Profits EBITDA 162,614 13,45 25 Operating Profit 124,549 92, Profit Before Tax 159, ,89 41 Attributable Profit 121,398 94,87 29 Group Balance Sheet Total Assets 2,326,137 1,859, Total Liabilities 1,21,44 856, Net Tangible Assets 1,61, , Shareholders' funds 1,65, ,9 1 Minority interests 5,152 33,81 48 Capital Employed 1,115,697 1,2,71 11 Cash and cash equivalent 531, , Borrowings (149,72) (149,645) - Net Cash 381, , Financial Ratios Earnings Per Share (EPS) EPS, before tax (cents) EPS, after tax (cents) SembCorp Marine Ltd Annual Report 25 Dividend Per Share Net dividend (cents) Gross dividend (cents) Net Assets Value per share (cents) Net Tangible Assets per share (cents) Return on Turnover (%) (17) Return on Total Assets (%) Return on Equity (%)

2 GROUP QUARTERLY RESULTS 25 (S$') 1 Q 2 Q Total Turnover 447,735 47, , ,966 2,119,279 Operating Profit 23,57 32,577 35,283 33, ,549 EBITDA 31,78 41,49 44,51 45, ,614 Profit before Tax 3,51 44,61 41,861 42, ,855 Attributable Profit 23,813 34,585 32,735 3, ,398 Earnings per share (cents)-year-to-date Earnings per share (cents)-in-quarter (S$') 1 Q 2 Q Total Turnover 245,5 33, , ,945 1,362,764 Operating Profit 18,162 25,421 31,424 17,926 92,933 EBITDA 27,37 34,333 4,681 28,129 13,45 Profit before Tax 22,724 31,822 3,1 28, ,89 Attributable Profit 21,64 26,96 21,514 24,549 94,87 Earnings per share (cents)-year-to-date Earnings per share (cents)-in-quarter Quarterly Turnover Contributions Quarterly Turnover Contributions Quarterly Profit Before Tax and Attributable Profit 25 Quarterly Operating Profit Profit before Tax Attributable Profit Quarterly Profit Before Tax and Attributable Profit 24 Quarterly Operating Profit Profit before Tax Attributable Profit SembCorp Marine Ltd Annual Report

3 FINANCIAL CALENDAR CORPORATE DIRECTORY Financial Year Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Financial Year Announcements of Results & Dividends 25 Full Year Quarter 1, 26 Quarter 2, 26 Quarter 3, Final Dividend Payment Delivery of Annual Report Delivery of EGM Notice Annual General Meeting/ Extraordinary Meeting Financial Year 25 Financial Year Announcements of Results & Dividends 24 Full Year Quarter 1, 25 Quarter 2, 25 Quarter 3, Interim Dividend Payment 24 Final Dividend Payment Delivery of Annual Report Annual General Meeting/ Extraordinary Meeting Feb 14 Mar 3 Apr 7 Apr 24 May 3 May Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Feb 7 Apr 27 Apr 6 Apr 21 May 18 Aug 1 Aug 1 Aug 31 Oct 27 Nov 2 Registered Office 29 Tanjong Kling Road, Singapore Telephone : (65) Fax : (65) / (65) Website : corporate@sembcorpmarine.com.sg Share Registrar Kon Choon Kooi Pte Ltd 47 Hill Street, #6-2 Chinese Chamber of Commerce & Industry Building Singapore Auditor Bankers Bank of America NT & SA Citibank Singapore Ltd DBS Bank Ltd Mizuho Corporate Bank Ltd Oversea-Chinese Banking Corporation Limited Standard Chartered Bank Sumitomo Mitsui Banking Corporation The Hongkong and Shanghai Banking Corporation Limited United Overseas Bank Limited Share Listing SembCorp Marine s shares are listed on the Singapore Exchange Securities Trading Limited SembCorp Marine Ltd Annual Report 25 Ernst & Young Certified Public Accountants Singapore Audit Partner: Daniel Soh (Appointed during financial year ended 31 December 23) Company Secretary Ms Kwong Sook May

4 CORPORATE STRUCTURE as at 15 March 26 SembCorp Marine Ltd Singapore Shipyards Overseas Shipyards Supporting Companies Jurong Shipyard Pte Ltd Sembawang Shipyard Pte Ltd Jurong SML Pte Ltd P.T. Karimun Sembawang Shipyard (Indonesia) Cosco Shipyard Group (China) 3% Mauá Jurong SA (Brazil) 35% JPL Services Pte Ltd 7% Jurong Machinery and Automation Pte Ltd Jurong Integrated Services Pte Ltd Bulk Trade Pte Ltd Jurong Clavon Pte Ltd 55% JPL Industries Pte Ltd 53.8% SembCorp Marine Ltd Annual Report 25 PPL Shipyard Pte Ltd 85% Sabine-PPL Industries Inc (USA) 85% Jurong Marine Contractors Pte Ltd Jurong Marine Services Pte Ltd 5%

5 Shipyards (Singapore) ORGANISATION STRUCTURE as at 15 March 26 Board of Directors Staff Support Group Group President & CEO : Tan Kwi Kin President & COO : Wong Weng Sun Deputy President : Ong Poh Kwee Jurong Shipyard Chairman : Tan Kwi Kin Managing Director : Wong Weng Sun Executive Director : Lee Yeok Hoon Senior General Manager (Offshore) : Don Lee Asst General Manager (Ship Repair) : Tey Chin Tiong corporate@jspl.com.sg os_eng@jspl.com.sg Supporting Companies Jurong Integrated Services Executive Director : Chang King kchang@jspl.com.sg Human Resource Jurong Machinery & Automation Wong Peng Kin, Director, Group HR wongpk@sembcorpmarine.com.sg Kevin Choong, Vice President Koh Guat Siew, Vice President Marketing Chua Teck Lian Senior Vice President tlchua@sembcorpmarine.com.sg Don Lee Fook Kang Senior Vice President Ong Tian Khiam Senior Vice President Engineering Seow Tan Hong, Senior Vice President thseow@sembcorpmarine.com.sg Legal Finance & Administration Wee Sing Guan, Director, Group Finance sgwee@sembcorpmarine.com.sg Tan Cheng Tat, Chief Financial Officer Low Siew Lian, Deputy CFO Corporate Development Wee Keng Hwee, Senior Vice President khwee@sembcorpmarine.com.sg Investor Relations & Communications Judy Han, Senior Vice President judy@sembcorpmarine.com.sg Internal Audit Sembawang Shipyard Chairman : Tan Kwi Kin Managing Director : Ong Poh Kwee Executive Director : Wong Lee Lin General Manager (Business) : K. K. Wee General Manager (Operations) : Simon Kuik sembship@sembship.com PPL Shipyard Chairman : Tan Kwi Kin Deputy Chairman : Benety Chang Managing Director : Ong Tian Khiam General Manager (Engneering & Operations) : Royce Lim General Manager (Special Construction) : Cheong Kok Mun coporate@ppl.com.sg Jurong SML Chairman : Tan Kwi Kin Alternate Chairman : Yu Ching Ong Deputy Chairman : Ng Thiam Poh Executive Director : Freddie Woo smlsmktg@sembcorp.com.sg Executive Director : Chew Yam Poey admin@jmapl.com.sg JPL Services Director : Yu Ching Ong jpl_services@pacific.net.sg Jurong Marine Contractors Executive Director : Wong Peng Kin jmcl@pacific.net.sg Shipyards (Overseas) P.T. Karimun Sembawang Shipyard (Indonesia) President Director : Ng Thiam Poh tpng@sembcorpmarine.com.sg Cosco Shipyard Group (China) Deputy General Manager: Liu Chin Peng coscdyd@mail.dlptt.in.cn SembCorp Marine Ltd 2 21 Annual Report 25 Tan Yah Sze, Vice President tanys@sembcorpmarine.com.sg Say Chiou Mei, Asst Vice President saycm@sembcorpmarine.com.sg Mauá Jurong SA (Brazil) Director & CEO : Chan Nai Eng commercial@mauajurong.com.br

6 SIGNIFICANT EVENTS January Delivery of Modec Venture 11, an FPSO conversion from 149,686 dwt VLCC M.T. Fairway for MODEC Inc. by Jurong Shipyard Fund raising of $36,53 through contributions from employees, friends and subcontractors for the Singapore s Red Cross s aid for the tsunami victims. February Award of US$134 million contract to PPL Shipyard by PT Apexindo Pratama Duta Tbk for the construction and delivery of one unit of Baker Marine Pacific Class 375 Deep Drilling Offshore Jack-Up Rig. Announcement of full-year 24 financial results. Award of US$12 million contract to PPL Shipyard by Deep Drilling Invest Pte Ltd for the construction and delivery of one unit of Baker Marine Pacific Class 375 Deep Drilling Offshore Jack- Up Rig. Award of Letter of Intent from ConocoPhillips China Inc. to Sembawang Shipyard and SMOE Pte Ltd to fabricate and integrate topside facilities for a FPSO vessel. Co-hosting of the Great Maritime Adventure by Sembawang Shipyard, organised by the Singapore Maritime Foundation to promote the industry and the career opportunities offered by the industry. Award of US$5 million contract to Jurong Shipyard by Houston-based Atlantia Offshore for the fabrication of a lower hull of a submersible for the Independence Hub gas-processing platform in the ultra deep water of the Gulf of Mexico. Award of US$15 million contract to Sembawang Shipyard in partnership with Huisman Special Lifting Equipment B.V by SapuraCrest Pretroleum Berhad, Malaysia for the design and construction of one unit of Self-Propelled DP2 Heavy Lift Derrick Pipelay Vessel. March Participation in Choice Careers 25 at Suntec City International Exhibition and Convention Centre. Award of US$121 million contract to PPL Shipyard by Awilco Offshore ASA for the construction of one unit of a Baker Marine Pacific Class 375 Deep Drilling Offshore Jack-Up Rig. Participation in Taking Stock of Offshore & Marine Companies forum for retail investors, organised by Singapore Stock Exchange and UOB Kay Hian. Participation in Seatrade Cruise Shipping Convention in Miami, USA, one of the world s premier cruise shows, by Sembawang Shipyard. April Award of US$129 million contract to PPL Shipyard by Seatankers Management Co. Ltd for the construction of one unit of Baker Marine Pacific Class 375 Deep Drilling Offshore Jack-Up Rig. Official opening of De Anchor, an integrated facility hub, by Petrobras President, Mr Jose Eduardo Dutra. Award of a series of US-flagged tankers to Sembawang Shipyard from Polar Tankers, a subsidiary of oil major ConocoPhilips. 42nd Annual General Meeting and Extraordinary General Meeting. Award of US$127 million contract to Jurong Shipyard by Petrojack AS for the construction of one unit of Baker Marine Pacific Class 375 Deep Drilling Offshore Jack-Up Rig. Announcement of first quarter 25 financial results. Appointment of Mr Tang Kin Fei, President and CEO of SembCorp Industries as a Director of SembCorp Marine Board. Strike Steel Ceremony for Hull No. P25 for PT Apexindo Pratama Duta Tbk. May Organisation of a week-long safety campaign I CARE Working Towards Zero Incident. Appointment of Mr Lua Cheng Eng as Chairman and Director to the SembCorp Marine Board. Award of US$13 million contract to PPL Shipyard by Japan Drilling Co. Ltd for the construction of one unit of Baker Marine Pacific Class 375 Deep Drilling Offshore Jack-Up Rig. Presentation of $24,5 in bursary awards to 3 students by Sembawang Shipyard. June Signing of long-term Favoured Customer Contract with ASP Ship Management Group ( UK ) by Sembawang Shipyard. SembCorp Marine Ltd Annual Report 25

7 Strike steel ceremony of Petrojack I, Jurong Shipyard s foray into rig building with its first newbuild jack-up rig. Participation in premier trade show Nor-Shipping 25 in Oslo, Norway. Acquisition of Sabine Shipyard, located in Texas, USA by PPL Shipyard. Book launching ceremony for Ahead Of Its Time, the Chevron Shipping Jurong Shipyard Alliance Commemorative book. Strike Steel Ceremony for Hull No. P29 for Awilco Offshore ASA. February Appointment of Mr Goh Geok Ling as Chairman and Director to the SembCorp Marine Board on 14 February 26. Mr Lua Cheng Eng vacated office of Chairman and Director of SembCorp Marine on 14 February 26. Award of US$78 million contract to Jurong Shipyard by Seatankers Management Co. Ltd to build two ultra-deepwater semi-submersible drilling rigs. Award of US$131 million rig building contract to Jurong Shipyard by Petrojack ASA for the construction of one unit of Baker Marine Pacific Class 375 Deep Drilling Offshore Jack-Up Rig. July Christening and delivery of Wan Hai 311, the largest and most advanced container vessel designed and built in Singapore, by Jurong Shipyard to Wan Hai Lines. Visit to Jurong Shipyard by officials from Maritime and Port Authority of Singapore, Ministry of Transport, Singapore Maritime Foundation and Association of Singapore Marine Industries. August Announcement of second quarter 25 financial results. Signing of Letter of Intent between Jurong Shipyard and PetroMena AS to build a semi-submersible rig in the region of US$4 million. Confirmation of option to build second unit of the sixthgeneration ultra deep water semi-submersible drilling rig for SeaDrill Limited at a contract value of US$44 million, with an option to build a third unit. National Day Observance with Mr Raymond Lim, Minister in Prime Minister s Office and Second Minister for Finance and Foreign Affairs. Strike Steel Ceremony for Hull No. P29 for Deep Driller 4 Pte Ltd. September Presentation of bursary awards to children of Sembawang Shipyard s employees. Sponsorship of LatinAsia Biz 25, Bridging Partnerships, a networking exhibition and forum held in Singapore to affirm close ties with Brazil and strategic presence in Latin-America. Joint completion of the topside facilities on ERHA FPSO, one of the world s largest FPSO vessels by SMOE and Sembawang Shipyard. Visit to Mauá Jurong, Brazil, by Deputy Prime Minister and Minister for Law, Prof S Jayakumar and delegates. Delivery of Jurong Shipyard s first 2,646 TEU Jubilee Class containership, Wan Hai 311. October Award of US$144 million rig building contract to PPL Shipyard by Awilco Offshore ASA for the construction of one unit of Baker Marine Pacific Class 375 Deep Drilling Offshore Jack-Up Rig. Ceremonial launching of the first Baker Marine Class 375 jack-up rig by PPL Shipyard for Kristiansand Drilling Pte Ltd. Completion of the acquisition of 1 per cent equity interest in Sabine-PPL Industries, Inc in Texas, USA by PPL Shipyard. Launch of the third edition of the My HSE Diary by Sembawang Shipyard. Award of US$423 million contract to Jurong Shipyard by Norway s Larsen Oil & Gas for the construction of a sixth generation semi-submersible rig. November Naming ceremony of P-5 at Mauá Jurong, Brazil. Participation in the Clean & Green Week Schools Carnival 25 by Sembawang Shipyard, organised by the National Environment Agency. December Presentation of SembCorp Marine s School Book Assistance Grant (SchoolBAG) Scheme to needy families with schooling children. Presentation of Green Wave Environmental Care Awards to winning school entries. Completion ceremony of P-54 Marine Hull Conversion in Jurong Shipyard. January 26 Award of US$175 million contract to PPL Shipyard by Aban Loyd Chiles Offshore Ltd for the construction of one unit of Baker Marine Pacific Class 375 Jack-up Rig. March SembCorp Marine s 24 Annual Report received the Bronze Award for mainboard-listed companies with market capitalisation of $5 million and above. At the Singapore Corporate Awards presentation event held on 7 March 26. The award recognises and honours SGX-listed companies as well as individuals who, through their corporate practices, have helped to raise Singapore s corporate disclosure standards and corporate governance. The competition is jointly organised by the Institute of Certified Public Accountants of Singapore, The Singapore Exchange, Singapore Institute of Directors, The Business Times, Securities Investors Association Singapore and the Investment Management Association of Singapore. SembCorp Marine Ltd Annual Report 25

8 AWARDS AND ACCOLADES Most Transparent Company (Non-Electronics Manufacturing Catergory) Runner-up : SembCorp Marine SembCorp Marine was awarded Runner-up for Most Transparent Company (Non-Electronics Manufacturing Category) during the 6th Investors Choice Awards, conferred by Securities Investors Association (Singapore). National Community, Safety and Security Programme (CSSP) Award National Award : The Shipyard Security Watch Group The Shipyard Security Watch Group was awarded the Silver award during the National Community Safety and Security Programme Awards Ceremony, co-organised by the Ministry of Home Affairs and the People s Association. The watch group was praised for its joint patrols and evacuation exercises with police personnel as part of proactive measures to safeguard the yard s security and safety. Sembawang Shipyard had also been recognised with the SHARE Programme Gold Award for year 23. NTUC Plaque of Commendation Sembawang Shipyard Sembawang Shipyard was awarded the NTUC Plaque of Commendation by the National Trade Union Congress for its significant contributions and efforts in people development and the promotion of good industrial relations. South West District Community Safety and Security Programme (CSSP) Awards Silver Award: The Shipyard Security Watch Group The Shipyard Security Watch Group a joint effort by Jurong Shipyard, Jurong West NPC and two other yards was awarded the Silver award. Singled out from 28 nominated projects in the South West District Community Safety and Security Programme Awards 25, the watch group was commended for its active involvement of security and safety personnel and their collective vigilance within the yard. Ministry of Manpower s Annual Safety and Performance Awards 2 Silver and 2 Merit Award: Jurong Shipyard 1 Silver and 8 Merit Award: Sembawang Shipyard During the Ministry of Manpower s Annual Safety and Performance Awards, Jurong Shipyard was awarded the Silver and Merit Award for its key projects that had observed good safety performances. The FPSO conversion of Baobab Ivoiren MV 1 and MODEC Venture 11 (Hull Conversion) won the Silver Award while the FPSO upgrading of Nan Hai Fa Xian and turret fabrication and installation of FMC SOFEC internal disconnectable turret won the Merit Award. Sembawang Shipyard received one Silver and eight Merit Awards. In particular, good health, safety and environment performance on FPSO Erha won the Silver award and the other projects that won the merit awards included the Arco Arjuna, Berge Sisar, Edco, High Endurance, Jason 5, Caleomma, St Andrew and W D Fairway. Singapore s H.E.A.L.T.H. Award Gold Award: Jurong Shipyard Gold Award: Jurong SML Silver Award: Sembawang Shipyard Jurong Shipyard and Jurong SML were conferred the Gold Award in Singapore s HEALTH (Helping Employees Achieve Life-Time Health) Awards by the Health Promotion Board. The award recognised organisations with commendable Workplace Health Promotion programmes conducted for the employees. National Safety Innovation Teams (SIT) Award Silver Award: Jurong Shipyard Silver and Bronze Award: Sembawang Shipyard The National Safety Innovation Teams Convention awarded Jurong Shipyard s safety team the Silver award for its Emergency Signalling System project. Under the same category, Sembawang Shipyard claimed the Silver and Bronze award with its winning and innovative project entitled Cable Jacks and Hull Hooker respectively. Innovate, Discover, Engineer and Achieve (IDEA) Award Gold Award : Jurong Shipyard Merit Award: Jurong Shipyard Organised by SembCorp Industries, the IDEA Award recognised outstanding innovations that had resulted in significant business performance improvement. DOME team from Piping and Outfitting Section bagged the grand award and the joint innovation developed by the MIS and HR Departments, receive the Merit Award. Community Chest s SHARE Corporate Award Platinum Award: Sembawang Shipyard Singapore s Community Chest s SHARE Programme conferred the platinum award to Sembawang Shipyard for its active effort and contributions to the Community Chest s SHARE program. As a supportive organisation, Occupational Health Best Practices Award 25 Ergonomics Solutions Category (Innovation Award): Sembawang Shipyard Sembawang Shipyard received the Ergonomic Solution Award during the Occupational Health Best Practice Award 25. This award was a firm recognition of Sembawang Shipyard s commitment to make the working environment a safe and healthy workplace for its employees. Singapore Innovation Class In recognition of its commitment in applying innovation to improve quality, productivity and safety, Jurong Shipyard was awarded the Singapore Innovation Class certification by SPRING Singapore on 23 January 26. SembCorp Marine Ltd Annual Report 25